The following summary includes business results for each of the company’s reportable segments, comparing the fourth-quarter 2011 with fourth-quarter 2010, for sales and pre-tax operating income (PTOI), excluding significant items. All references to selling price changes are on a U.S. dollar basis, including the impact of currency.
Includes Crop Protection and Pioneer Hi-Bred
Sales of $1.3 billion were up 8%, with 5% higher selling prices and 3% higher volume. PTOI seasonal loss of $(116) million improved $19 million due to higher sales. Full-year sales of $9.2 billion grew 17% with 10% volume gains, 6% higher prices and 1% impact from portfolio changes. Full-year PTOI grew 30% with 19% PTOI margins. In seeds, sales reflected success in each region with volume and price gains. In crop protection, sales growth was delivered in each product line and region.
Sales of $630 million were down 18% reflecting 33% lower volume partially offset by 15% higher selling prices related to pass-through of metal prices. Lower volume reflects destocking in photovoltaics and softness in consumer electronics. PTOI of $42 million decreased on lower volume, partially offset by OLED technology licensing income of $20 million.
Sales of $289 million and PTOI of $34 million reflect the acquisition of Danisco's enzyme business. PTOI includes $6 million of amortization expense associated with the fair value step-up of acquired intangible assets.
Sales of $806 million were up $468 million from the acquisition of Danisco's specialty food ingredients business. PTOI of $52 million reflects the acquisition and favorable product mix in Solae. PTOI includes $20 million of amortization expense associated with the fair value step-up of acquired intangible assets.
Performance Chemicals
Includes Titanium Technologies and Chemicals & Fluoroproducts businesses
Sales of $1.9 billion were up 12%, with 29% higher selling prices and 17% lower volume. Higher selling prices reflect pricing actions to offset higher raw material costs. Lower volume was attributable to a pause in demand for titanium dioxide, particularly in Asia Pacific. PTOI of $433 million increased $118 million on higher selling prices.
Sales of $1.1 billion were up 8%, with 10% higher selling prices and 2% lower volume. Higher selling prices reflect pricing actions across all market segments to offset higher raw material costs. Lower volume resulted from destocking and flat/lower builds in all regions except North America. Demand continued to be strong in the North American OEM motor vehicle and heavy duty truck markets. PTOI of $58 million decreased on weaker mix and a $7 million settlement.
Includes Packaging & Industrial Polymers and Performance Polymers businesses
Sales of $1.6 billion were up 1%, with 14% higher selling prices and 13% lower volume. Higher selling prices offset higher raw material costs. Lower volume reflects broad-based channel destocking along with softening in consumer and industrial markets. PTOI of $151 million decreased due to lower volume and the absence of a prior year $31 million combined benefit from an acquisition and an early termination of a supply agreement.
Includes Building Innovations, Protection Technologies and Sustainable Solutions businesses
Sales of $943 million were up 10%, with a 7% increase from the MECS acquisition and 5% higher selling prices, partially offset by 2% lower volume. Higher selling prices more than offset raw material cost increases. Volume was lower on destocking in the industrial markets. PTOI of $94 million was essentially flat. Prior year included a net $11 million charge related to an asset impairment and a separate gain on an asset sale.
Additional segment information is available on the DuPont Investor Center website.